Insider Moves: Seacera Group Bhd, Rimbunan Sawit Bhd, Pestech International Bhd, Imaspro Corp Bhd, Cahya Mata Sarawak Bhd, Priceworth International Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on November 12, 2018 - November 18, 2018.
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Notable filings

BETWEEN Oct 29 and Nov 2, tile manufacturer Seacera Group Bhd saw group managing director Zulkarnin Ariffin and chairman Datuk Mansor Masikon cease to be substantial shareholders.

Zulkarnin sold 16.24 million shares that week and retains 1.59 million shares or a 0.42% stake while Mansor, via Noble Summer Sdn Bhd, sold 16.06 million of the vehicle’s 20.22 million (5.36%) shares. Another major shareholder, Duta Global Sdn Bhd — the vehicle of Datuk Ismail Othman — sold 50.31 million shares or a 13.3% block.

In an Oct 29 announcement to Bursa Malaysia, Seacera said its share price fell 50% to 15 sen between Oct 24 and 26 because Zulkarnin, Mansor and Ismail were forced by banks to pare their stakes. The stock has since regained ground to touch 30 sen on Nov 2, but closed last Monday at 29 sen.

In the period under review, Tan Boon Seng emerged as Seacera’s biggest shareholder with a 9.3% stake, ahead of Duta Global’s 6.72%. On Nov 5, Mohamed Fahmi Mohamed Ilyas surfaced with 5.57% equity interest.

Over at palm oil planter Rimbunan Sawit Bhd, vice-chairman Tiong Kiong King sold 934,100 shares over multiple transactions on the open market. He retains 24.91 million shares or a 1.75% stake.

Kiong King is the brother of Tan Sri Tiong Hiew King, who founded the Rimbunan Hijau Group of Companies that controls Rimbunan Sawit. Over the past year, Rimbunan Sawit has been on a general downward trend and has shed 55% of its market value.

Lim Pay Chuan, group CEO of power infrastructure company Pestech International Bhd, has picked up 525,000 shares on the open market, according to filings between Oct 31 and Nov 2.

Pestech fell to a roughly three-year low of RM1.25 per share on Oct 29 but has since rebounded to close at RM1.33 last Monday. That said, the counter has fallen 20% over the past 12 months and now has a market capitalisation of about RM1.03 billion.

Meanwhile, filings show Imaspro Corp Bhd director Chan Weng Fui selling 325,000 shares while retaining 809,500 shares or a 1% stake in the producer of agriculture chemicals.

Imaspro’s major shareholder, Dr Yu Kuan Chon, purchased 1.18 million shares over several days’ trading, bumping his holding to 16.19 million shares (20.24%). Separate filings in the same week show Yu selling 1.28 million shares (0.34%) in YNH Property Bhd — in which he is chairman — paring his stake to 30.6%.

 

Notable movements

Cahya Mata Sarawak Bhd gained 38 sen or 14.5% to close at RM3 on Nov 2. The increase overlaps with some acquisitions on the open market by substantial shareholder Datuk Seri Sulaiman Abdul Rahman Taib, one of the sons of Sarawak governor Tun Abdul Taib Mahmud.

Filings between Oct 30 and Nov 2 show Sulaiman purchasing 958,900 shares on the open market, bumping up his stake to 99.18 million shares or 9.26%. He is the fifth largest individual shareholder in Cahya Mata Sarawak.

Historical filings indicate that Sulaiman only started trading the company’s shares after the 14th general election in May, which saw the counter plunge 53.5% in about six trading days. Prior to that, he had an 8.2% stake. The stock closed at RM3.13 last Monday, regaining some lost ground after hitting RM1.92, a multi-year low, in late May.

Sulaiman’s brother, Datuk Seri Mahmud Bekir Taib, is group deputy chairman of Cahya Mata Sarawak. He, in contrast, has been paring his stake. Their brother-in-law, Datuk Syed Ahmad Alwee Alsree, is executive director of the company.

Over at Priceworth International Bhd, two of its largest shareholders have pared their stakes via off-market transactions. Maha Gayabina Sdn Bhd, which surfaced as a substantial shareholder in the middle of last year following a share issuance exercise, sold 21 million shares. It retains 493.99 million shares (12.06%).

Group managing director Andrew Lim Nyuk Foh sold 6.25 million shares, retaining 332.03 million shares (8.13%) in the Sandakan-based company, which is involved in the logging business as well as downstream activities, including wood processing, manufacturing, moulding and trading.

Interestingly, on Nov 5, the 35 graft charges against former Sabah chief minister Tan Sri Musa Aman included alleged payments totalling US$1.3 million from one Lim Nyuk Foh between 2004 and 2005 as inducement to grant logging concessions to a company called Bountiful Returns Sdn Bhd, which shares the same address with Priceworth.

Over the past year, Priceworth has shed 53.53% of its market capitalisation. Its last peak was at 10 sen on May 18. Last Monday, it closed at four sen per share.

 

 

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